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6 statistics that will make you think about getting insured

Eclipse

Having cover in place, whether it's house, disability or life insurance, is an important fail-safe. It's not only so you and your loved ones will be taken care of should the worst happen – it's also for the peace of mind it gives you when everything is alright.

Despite this, Australians all over the country are not adequately insured. According to a 2013 Rice Warner Underinsurance Research Report, life underinsurance costs the Australian government $47 million annually. It's even worse when it comes to income protection underinsurance – the cost is $247 million annually.

The Australian Institute of Health and Welfare found that during 2011-12, around 36,000 Australians over 15 years old were hospitalised due to a sporting injury.

Hopefully, rather than being part of these statistics, you've got adequate income protection cover and life insurance in place. But if you're not, then the following six facts and figures might spur you to get up and take some action.

Taking in the numbers

For one, by the time an Australian turns 85, they have a 33 per cent chance of being diagnosed with cancer if they're a woman, and a 50 per cent chance if they're a man, Australian Bureau of Statistics figures show. In fact, it's expected that there'll be 150,000 new cases diagnosed in 2020 alone, according to Cancer Council Australia.

While this is hardly cheery news, it shows that the "she'll be right" attitude taken by many Australians is not based in reality. These figures also suggest many people will be diagnosed in older age, when medical costs can put further strain on retirement plans.

Medical costs are the last thing you want to think about when you hang up your hat.Medical costs are the last thing you want to think about when you hang up your hat.

Of course, it's not just critical illness that can strike. There are any number of ways that Australians suffer temporary or permanent disability, or worse, every year.

So far in 2015, WorkSafe Australia data shows 119 workers have lost their lives on the job. Meanwhile, during 2013-4, 531,800 Australians suffered some kind of work-related injury. Though this tends to be concentrated in specific industries, such as mining, agriculture, forestry, transport and construction, it doesn't mean other professions are free of hazards. It's important to be prepared.

Ironically, sometimes what is most enjoyable can also end up leading to accidents. Take playing sport, for instance, a cherished pastime of many Australians. The Australian Institute of Health and Welfare found that during 2011-12, around 36,000 Australians over 15 years old were hospitalised due to a sporting injury. Around one-third of this was due to playing some kind of footy.

These statistics are not meant to alarm you. What they should do is get you thinking about talking to your financial advisor about making sure you're adequately covered. After all, it's not just you such incidents can affect, but your family too.

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